Seven of the world's biggest banks have agreed
to pay $324 million to settle a private U.S. lawsuit accusing them of
rigging an interest rate benchmark used in the $553 trillion derivatives
market.
The settlement made public Tuesday resolves
antitrust and other claims against Bank of America Corp., Barclays Plc.,
Citigroup Inc., Credit Suisse Group AG, Deutsche Bank AG, JPMorgan
Chase & Co. and Royal Bank of Scotland Group Plc.
Several pension funds and municipalities
accused the banks of engaging in a conspiracy to rig the "ISDAfix"
benchmark from 2009 to 2012. Other bank defendants have yet to settle.
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